Adding some information. The focus should be, on where's the money flowing and which direction it is going.
Just to be clear, if anyone is a long trader the focus is on the stock/etf that is going up. And if anyone is betting short, should focus on the assets going down in prices.
Same reason, why it is currently risk off in my POV at the moment in PSE. Since most names are badly hit and prices going down on majority of its risky assets. Why? People can only make money in the PSE when prices are going up. Shorting isn't available in here.
And liquidity one may ask, what's the importance of it? Well, it's what pushes prices up or down. A risky assets/stock/etf or any, won't even move a bit without it. Or a move on which direction it wants to go will not be stable without it.
Now, when it comes to the the market anyone is trading/investing. Do you want an environment for easy peso or hard penny. Your choice honestly.